Nthabeleng Likotsi, an accountant, entrepreneur and financial inclusion advocate, has become a notable figure in South Africa’s banking sector after founding eNL Mutual Bank (formely YWBN Mutual Bank), widely regarded as the country’s first Black woman-owned mutual bank.

For more than a decade, she has focused on widening access to financial services for individuals and small businesses that are often excluded from mainstream banking systems.

Her path has progressed from community organising into building regulated financial institutions, shaped by years of policy engagement, fundraising efforts, and navigating regulatory approvals.

Likotsi’s early life and education

Likotsi was born in Botshabelo, in the Free State, and studied accounting before moving into entrepreneurship and financial inclusion work. She holds a postgraduate certificate in accounting from the University of Johannesburg and a master’s degree in entrepreneurship from the University of the Witwatersrand.

Colleagues describe her as persistent and detail-oriented, with a focus on long-term institution building rather than short-term projects.

*Nthabeleng Likotsi, eNL Mutual Bank founder*

YWBN rebrands eNL Mutual Bank launch

In 2009, Likotsi founded the Young Women in Business Network (YWBN), a platform aimed at connecting women entrepreneurs and professionals. What began as a support network gradually evolved into a financial inclusion initiative with a cooperative structure.

By 2016, the group had started formal work toward establishing a cooperative bank. The goal was to create a financial institution owned by members and designed to support underserved communities.

After years of engagement with regulators and meeting compliance requirements, the South African Reserve Bank (SARB) approved the transition of the institution into a mutual bank in 2021. In 2024, SARB granted a mutual banking licence, marking a key regulatory milestone.

In 2025, the institution rebranded from YWBN Mutual Bank to eNL Mutual Bank, reflecting Likotsi’s leadership and the organisation’s expanded mandate. The launch was held in Sandton and streamed online, signalling its digital-first approach and broader national reach.

*During the eNL Mutual Bank official launch in 2025*

eNL Mutual Bank expands digital banking reach

eNL Mutual Bank operates as a digital institution, avoiding the cost structure of traditional branch banking. Its services are designed to include savings accounts, small business lending, and financing linked to housing and community development projects.

The bank’s stated focus is on savings mobilisation, support for small and medium-sized enterprises, and expanding access to credit in communities that have historically faced barriers in the formal banking system.

South Africa’s banking sector remains concentrated among a few large commercial lenders. Mutual banks operate on a smaller scale, often serving specific communities or membership bases. eNL joins a limited group that includes institutions such as Bank Zero and GBS Mutual Bank, adding to the range of banking models in the country.

Launch of Qalo Ya Afrika

In 2025, Likotsi also launched QALO YA AFRIKA, an investment platform aimed at linking individuals, stokvels, and groups with entrepreneurs seeking growth capital. The platform is designed to allow members to take equity stakes in businesses across different sectors, including small enterprises and established firms seeking expansion funding.

Likotsi’s recognition and board roles

Over the years, Likotsi has received recognition for her work in entrepreneurship and leadership, including a Women Leadership Award at the Africa-India Partnership Summit in 2013. She also serves as a non-executive director on several private companies, including Apex Valves Private Limited and Ubuntu Plastics Private Limited.

For Likotsi, the focus remains on building institutions that outlast their founders. As eNL Mutual Bank grows, its success will depend on whether it can balance regulatory discipline with its goal of widening access to financial services in a market still defined by deep inequality.